Paddy Malone, chamber PRO, told TDs and Senators that the Government needs to consider measures to help firms operating in the area. He said more than 40pc of commercial rates in the Dundalk area haven't been collected "for years".

"The retail sector will be decimated if sterling drops. If sterling goes to 92p or 93p [against the euro] it will be decimated. We've faced this problem before. We will face it again. But this one is different," he said.

Ibec's Arnold Dillion said the Brexit vote has put jobs at risk. John McGrane of the British Irish Chamber of Commerce said the speed of the decline in sterling has presented significant challenges.